Grayscale’s XRP trust launch ignites 8% increase and ETF speculation News ▸ US ▸ Grayscale ▸ XRP ▸ Investments
Grayscale’s XRP trust launch ignites 8% increase and ETF speculation
Grayscale said XRP has the potential to transform traditional financial infrastructure.
2 min read
Updated: Sep. 12, 2024 at 3:56 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Grayscale has introduced a new crypto investment trust fund for XRP, according to a Sept. 12 statement.
Following the news, XRP’s value surged by 8%, reaching a multi-week high of $0.58, according to CryptoSlate’s data.
XRP Trust
The firm stated that the XRP Trust operates similarly to its other single-asset investment trusts, focusing exclusively on XRP, the token that powers the Ripple-backed XRP Ledger (XRPL) blockchain.
Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research, emphasized the Trust’s importance by highlighting XRP’s real-world utility. She said:
“By facilitating cross-border payments that take just seconds to complete, XRP has the potential to transform the legacy financial infrastructure.”
The Trust is available for daily subscriptions from eligible individual and accredited institutional investors.
Meanwhile, this launch follows Grayscale’s recent introduction of single-asset trusts for MakerDAO, Bittensor, SUI, and others over the past two months. Market analysts view these new products as significant expansions of Grayscale’s crypto offerings, which had been primarily centered on its Bitcoin and Ethereum Trusts that were recently uplisted into exchange-traded funds (ETFs) products.
XRP ETF
The XRP community speculates that this product could lead to the US Securities and Exchange Commission (SEC) approving an XRP ETF in the future.
According to them, the recent approval of Bitcoin and Ethereum-related ETFs earlier this year shows there is room for more digital assets like theirs.
However, Nate Geraci, the President of the ETF store, pointed out that this might not be straightforward as an approval “will need some political help as well.”
Moreover, Ripple’s ongoing legal battle with the SEC poses further challenges to an XRP ETF. In addition, market analysts believe the Gary Gensler-led Commission is unlikely to approve more crypto ETFs beyond Bitcoin and Ethereum under current conditions.
Some experts suggest that the chances for approval may improve if legislative changes clarify that most digital assets are not securities.
Mentioned in this article
XRP 
Bitcoin 
Ethereum 
Maker 
Ripple 
Grayscale Investments 
Grayscale Bitcoin Trust Grayscale Ethereum Trust 
Gary Gensler Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Bitcoin
$97,427.05
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,474.10
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Maker
$1,695.99
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The Grayscale Ethereum Trust (ETHE) by Grayscale is an investment vehicle designed to offer investors exposure to Ethereum, one of the leading cryptocurrencies by market capitalization.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.